The Globe and Mail reports in its Tuesday edition that the global bond market sell-off has intensified in the new year. The Globe's Mark Rendell writes that this shift has raised borrowing costs globally, despite central banks cutting short-term interest rates, impacting equities and risk assets. The U.S. treasury market is at the forefront, with the yield on 10-year bonds rising to 4.8 per cent, up a quarter-percentage-point since the start of the year and over a percentage point since September. Similar trends are seen in European and British bond markets, while Canada's 10-year bond yield has also increased from 2.9 per cent in September to about 3.5 per cent now. This creates a paradox where central bankers aim to lower borrowing costs to stimulate growth, as investors move in the opposite direction. CIBC's Ian Pollick says: "When [rate] hikes were being delivered but cuts were being priced in, interest rates didn't rise as much as they needed to. On the flip side, interest rates aren't falling as much as they need to this cycle." Investors anticipate Mr. Trump will boost short-term economic growth while running large deficits that require increased bond issuance. His tariff commitments risk reigniting inflation.